The markets is likely to open on a weak note and the trend continues to remain tentative due to lack follow up buying at higher levels.The trading volumes on F&O for December series remained low throughout the week averaging over Rs 55,000 crore compared to Rs 75,000 in the first week of the previous expiry. The low volumes and sharp intra-day volatility indicates that the market has been sailing in trading zone. It is the best time to avoid playing in such markets as traders tend to offer their positions.For Monday, Nifty has resistance in the range of 6020 to 6042 levels, and it has support at 5894 and if it breaks this level then it can test 5818, which is 50% retracement level of the recent rally from 5595 to 6042.The FIIs fund flows were good during the week, which helped the markets move above the 20,000 level on the Sensex and the 6000 level on the Nifty. Now it is important that the fund flows remain good so that the markets can witness a sustainable rally and conquer previous historic peaks.Last week, Nifty managed to settle above 5,940 levels though could not breach the mark of 5,980 on a closing basis. On the downside 5,940 would continue to act as significant support as Nifty had seen sharp reversal from these levels in the past. Negative breach of this mark would induce weakness whereas convincing crossover of 5,980 levels would see it moving with higher momentum.
